Swisscard AECS, a joint venture between Credit Suisse and American Express, has implemented Entersekt’s mobile application Transakt to enable safer, more user-friendly 3-D Secure protection of online purchases.
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Entersekt said that 3-D Secure, which was designed to serve as an added layer of security for e-commerce purchases, has significantly reduced fraud rates, but has proved unpopular with consumers and merchants owing to the cumbersome user experience of many current implementations.
According to Entersekt, its card-not-present authentication solution reinvents the 3-D Secure user experience by enabling consumers to authenticate purchases through their mobile device with the touch of a button.
When shoppers registered for the service initiate a transaction on a 3-D Secure e-commerce web site, they receive a push message on their mobile phone with the payment details.
They then authorize the payment, outside of the browser, with a simple “Accept” or “Reject” response. The solution boosts security and eliminates the need to remember complex static passwords or retype one-time passwords.
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By GlobalDataEntersekt chief technology officer Christiaan Brand said: “Consumers are becoming more reliant on digital technology to meet their shopping needs, and Entersekt saw an opportunity to significantly boost customer satisfaction by overhauling existing 3-D Secure customer registration and authentication processes, which were time-consuming and inefficient.
“Transakt eliminates reliance on vulnerable password-based security and leverages the user’s mobile device for streamlined authentication. This promises to reduce abandonment rates for online purchases while maintaining 3-D Secure fraud prevention standards.”
